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    <td bgcolor="#5FBCE0" class="blue_block">Why Russia</td>
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    </table><p class="style24"><img src="images/WFHedgeFunds11.gif" width="150" height="150" alt=" World Finance" longdesc="images/WFHedgeFunds11.gif" /> <br>Most Innovative Fund<br>of Funds in the World</p></td>
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                      With Russian stock markets having stabilized earlier than almost any other markets in the world, Russia now appears to present one of the best investment cases in the world:</p>
                      <ul>
                          <li class="text">
                            <p>After the tremendous drop in equity markets worldwide due to the 2008-9 liquidity and general economic crisis, the aggregate P/E ratio for Russia has fallen to less than 3, by far the lowest of any major market in the world.<br />
                          </p>
                          </li>
                          <li class="text">Russia has experienced almost 10 years of political stability and this condition shows little sign of changing in the foreseeable future.<br />
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                          </li>
                          <li class="text">Russia's economy has grown for nine consecutive years, grew at over a 6% rate in 2008 and should remain at roughly the same level for 2009. Thereafter, it looks to again grow at a 5-6% pace for the foreseeable future.<br />
                              <br />
                          </li>
                          <li class="text">Russia, as the second largest oil exporter in the world after Saudi Arabia, is the beneficiary of large cash flows. Its foreign trade surplus is currently running at approx. $300 billion per year and its current account balance exceeds $350 billion -- the third largest in the world -- notwithstanding the large amounts of government money recently spent to stem the liquidity crisis.<br />
                              <br />
                          </li>
                          <li class="text">In 2008, Russia became the largest user of consumer goods in Europe.<br />
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                          </li>
                          <li class="text">Russia became the second-largest emerging market recipient of foreign direct investment (FDI) in 2008 (after China), exceeding $40 billion.<br />
                              <br />
                          </li>
                          <li class="text">Moody's, Standard and Poor's and Fitch all raised their investment ratings of Russia in 2007 and 2008; these ratings are being lowered slightly in 2009, but in all cases still exceed investment grade.</li>
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